Thursday, April 7, 2016

Nifty Analysis for 7 April


Bonvista Financial Planners
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Nifty Analysis for 7 April

On daily chart Nifty is in the process of range formation. Broad range is between 7750 and 7500.

Even on intraday chart Nifty is trading in a narrow range of 70 points. This range is between 7650 and 7580.
Breakout beyond this range can give trading opportunities.

This is definitely not a market to go long immediately. If Nifty breaks beyond 7650, it can go up to 7710.
Breakdown below 7582 can take Nifty down to 7550.

Swing Trades (3-4 days) for 7 Apr-
Long:
TATASTEEL: Target- 350, stoploss- 314
CUMMINSIND: Target – 897, stoploss- 850
HAVELLS: Target – 340, stoploss- 310

Short:
GLENMARK: Target-755 , stoploss- 804
UCOBANK : Target- 35.40, stoploss- 39.50
* Levels are Cash levels (Not futures)
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Keep it simple. Follow the framework.
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